Revlon will cut 250 jobs, restructure

September 05, 2012|Reuters

Makeup company Revlon Inc. says it is cutting 250 jobs, or about 5 percent of its workforce, and is closing two plants in a broad restructuring as it seeks to cut costs.

Revlon, whose brands include Almay, Mitchum and its namesake, says it will close its manufacturing plant in France and its leased manufacturing plant in Maryland and move manufacturing to other plants and third parties.

It will also restructure operations in French and Italy and realign its operations in Latin America, including consolidating Latin America and Canada into one region.

It employs about 5,200 people overall.

Revlon will take third-quarter charges of $25 million, including $19 million in employee-related costs and $6 million in other costs including asset write-offs.

Revlon expects to save $10 million annually from the moves, including $9 million in 2013.